At the end of June, the scale of foreign exchange reserves increased slightly and remained stable at over 3.2 trillion US dollars for 19 consecutive months. According to data released by the State Administration of Foreign Exchange on July 7, as of the end of June 2025, China's foreign exchange reserves were 3317.4 billion US dollars, an increase of 32.2 billion US dollars or 0.98% from the end of May. In June 2025, influenced by macroeconomic policies and growth prospects of major economies, the US dollar index fell and global financial asset prices rose overall. ”The relevant person in charge of the State Administration of Foreign Exchange said that under the combined effect of exchange rate conversion and asset price changes, the scale of foreign exchange reserves for the month has increased. At present, China's foreign exchange reserves have remained stable at over 3.2 trillion US dollars for 19 consecutive months and have maintained growth for 6 consecutive months. The above-mentioned person in charge stated that China's economy continues to grow steadily and maintain a good development momentum, which is conducive to maintaining the basic stability of foreign exchange reserves. The scale of foreign exchange reserves will remain basically stable. In June, China's foreign exchange reserves increased by 32.2 billion US dollars compared to the previous month, recording a monthly 'six consecutive increases', with a cumulative increase of 115.1 billion US dollars in the first half of the year. ”Guan Tao, Global Chief Economist of Bank of China Securities, said. In the view of Wang Qing, Chief Macro Analyst at Dongfang Jincheng, the US dollar index dropped significantly by 2.68% at the end of June compared to the end of May. This means that the significant depreciation of the US dollar in June has significantly enhanced the effect of non US dollar assets in China's foreign exchange reserves, which is the main reason for the expansion of foreign exchange reserves in June. Wang Qing stated that according to different standards, China's current foreign exchange reserves of slightly over 3 trillion US dollars are at a moderately abundant level and are expected to remain basically stable in the short term. Against the backdrop of increased external environmental fluctuations, a moderately abundant scale of foreign exchange reserves will provide important support for maintaining the RMB exchange rate at a reasonable and balanced level, and will also become a ballast to resist external shocks. Looking ahead, the State Administration of Foreign Exchange stated that China's economy continues to grow steadily and maintain a good development momentum, which is conducive to maintaining basic stability in the scale of foreign exchange reserves. The current external environment is becoming increasingly complex and severe, the momentum of global economic development is weakening, and the volatility of the international financial market remains high. But China's economy continues to grow steadily, foreign trade remains resilient, and global investors are optimistic about new opportunities in China's capital market. These factors are all conducive to maintaining basic stability in the scale of foreign exchange reserves. ”Wen Bin, Chief Economist of Minsheng Bank, said. On the same day, the State Administration of Foreign Exchange released data showing that China's gold reserves at the end of June were 73.9 million ounces, an increase of 70000 ounces month on month. The diversification of China's international reserve assets continues to steadily advance. ”Guan Tao stated that in June, the People's Bank of China continued to increase its holdings of gold reserves, achieving an eight month consecutive increase. Pang Ming, a specially appointed senior researcher at the National Finance and Development Laboratory, stated that in the long run, gold still has irreplaceable advantages in terms of hedging, anti inflation, and long-term preservation and appreciation. The strategy of dynamically adjusting gold reserves in the international reserve portfolio allocation of the People's Bank of China will not change, and the general direction and long-term trend of continuously increasing gold holdings will also not change. In addition, Wang Qing stated that gold is widely accepted as the ultimate payment method globally, and the increase in gold holdings by the People's Bank of China can enhance the credit of sovereign currencies and create favorable conditions for promoting the internationalization of the renminbi. Therefore, from the perspectives of optimizing the international reserve structure, steadily and prudently promoting the internationalization of the RMB, and responding to changes in the current international environment, increasing the holdings of gold by the People's Bank of China will still be the main direction for the future. (New Society)